Trader Issues Warning on Altcoins, Says Market Unlikely To Witness 2021-Style Euphoria for Many Coins
A cryptocurrency trader and analyst is issuing a warning on the potential price performance of altcoins in the current cycle.
The analyst pseudonymously known as Sherpa tells his 11,399 YouTube subscribers that altcoins might perform poorly during the current cycle relative to other cycles and periods.
“Your altcoin might not do crazy multiples like it did earlier this year. It might not go to an all-time high like it did in 2021 and your altcoin might simply have already topped for the cycle.”
The pseudonymous analyst further says,
“I think that you have to be realistic with your overall targets and you can’t assume that just because Bitcoin is going to go really strongly it means that your altcoin is going to go to former all-time highs.
Because the market, as I said, the dynamic has changed quite a bit. It’s very different, it’s not similar at all to what the market was like in 2021. And just because there’s flows in one coin doesn’t mean that its flows In all coins. So we’re not going to see [parabolic] price action like this for a very long time for many coins.”
Sherpa, however, says that he is bullish on Bitcoin (BTC) and some altcoins.
“I think that Bitcoin will go to $100,000 over the next several months. I don’t think this cycle is done. I do believe that altcoins, some altcoins, will hit new all-time highs in their US dollar value but uncertain which ones.”
Bitcoin is trading at $60,101 at time of writing.
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Author: Mark Emem
